Utilities are currently experiencing rapid change and disruption. At a physical level, we are now seeing fundamental changes in the way we generate and consume services such as electricity and water, and shifts in the way we stay mobile and connected within our cities. But a core part of this change is what is occurring at a digital level. The role of increased data, real-time monitoring, and the smart management of resources is having a significant impact on the way we provide and experience these services.

A key technology that is catalysing this evolution of business models and services is the blockchain.

The Blockchain and Utilities

Utility systems require the constant tracking of resources, with billions of transactions across vast networks of nodes. Given the scale and speed of their transactions, their potential for optimisation and application creation with the use of blockchain technology is immense. But in order for utilities to take advantage of the benefits of distributed ledger technology, they need a decentralised blockchain protocol to act as the foundational layer on which those applications can built.

That foundational layer is Tility.

A New Era of Collaboration

RedGrid is helping utilities harness blockchain capabilities within their own infrastructure. But in addition to the internal benefits that come with harnessing a blockchain infrastructure, we are enabling the storage and exchange of value across previously unconnected sectors and companies. By being on the Tility blockchain, our partners will be a part of the Tility ecosystem, a highway of bridges between these utility networks.

This will reduce friction between currently siloed systems and create the potential for innovative new business models that involve the exchanging of value across utility sectors. These include, but are not limited to, offering new services to customers that allow them to exchange their excesses in certain utility resources for other, for example exchanging excess solar produced electricity for additional internet credit, or EV charging, or water credits, or simply donate it to another community, seamlessly, across the world.